This post belongs in the VSE group but I think I know the answer.
It depends on exactly what component of VSE is interfering with the file. Potentially Unwanted Program (PUP) exclusions would only exclude the file from that particular PUP definition. The file is most likely being disrupted by the On-Access Scanner (OAS). If true you would have to add the exclusion to the On-Access default processes Policy.
I've specified it in both but the VSE still continues to block the file. It is still showing up as user defined detection: (Potentially Unwanted Program) in the logs. I've tried adding exclusions in the On-Access default processes policy both for the file and for the folder and excluding to subfolders.